How do single mothers survive financially?

If you’re a single mother, you don’t need me to tell you about the daily financial grind. Bringing up a family with no income or just one income is hard. Therefore, it’s a fair question to ask: How do single mothers survive financially?

Let me start by telling you that it IS possible. Not only will you survive financially but you will come out the other side with a knowledge and understanding that will see you financially thriving in the future.

Don’t wait another day. Get your money in check now and reap the rewards that you and your beautiful family deserve.

HOW DO SINGLE MOTHERS SURVIVE FINANCIALLY?

ARE YOU A SINGLE MUM STARTING OVER WITH A LOW INCOME?

There is nothing worse than feeling like you’re going backwards in life. Maybe you were financially comfortable in your marriage but now the assets have been split, your share seems too small to build a new life from. You are not alone. Belinda Eldridge, Financial Separation Specialist at Divide says that:

‘When a couple financially splits, there is no winner and unfortunately once the assets are divided, neither party is all too thrilled with the outcome.’

Check all your reoccurring bills to ensure they are correct and you are getting the cheapest deal available. Phone around for better deals if you have to. Why pay more than you need to for ANYHING?

Run through your weekly spend to see if you are purchasing anything unnecessary. Know where your money is going and where you can cut back, then do it!

Work to a budget each week so you can only spend a certain amount and if you reach it, learn to live without!

Save a percentage of your income every time you get paid. Ideally this should be around 30% but even 5% is a starting point and you can increase when you get back on your financial feet.

Once, you start saving, open a high-interest savings account, preferably one you can’t touch, and watch your money grow. For sound advice about savings accounts check out The Barefoot Investor by Scott Pape.

HELPFUL FINANCIAL TIPS FOR SINGLE MOTHERS

Once you’ve got your head around your savings it’s time to concentrate on other financial areas. So, what can you do to not only ensure your financial survival, but boost your financial success? Like with savings, the list is endless, but here are some ideas to get you off and running.

Grocery bills, along-side rent/mortgage payments are one of the biggest outgoings for many families. Get your kitchen in order by bulk buying and cooking, ultilising your freezer and shopping in season.

Look around you! Do you really need everything in your home? If you don’t need it, sell it. For instance, kid’s toys, old exercise equipment and unwanted furniture.

Teach your kids about money so they understand the value of it and don’t nag you for things you can’t afford. Get them to help around the house for their pocket money and teach them to save, just as you are.

BUILDING WEALTH AS A SINGLE MUM

Great, you’ve started saving and you’ve got some aspects of your single mummy money in-check but what about the future? We all have goals and dreams … and most of them need funding. Maybe you want to travel with your children, buy a home or train for a new career. It all takes money. If you want a grip on the bigger picture here are some ways to start building your wealth today.

First things first, get rid of ALL your bad debt. Debt is soul (and life) destroying and with it hanging around your neck you will never move forward. Don’t rush off and declare bankruptcy which will set you back for years. Find a debt consultant who can help you work your way forward and ultimately out of debt.

Get yourself on the property ladder. Yes, single mums can buy a home. And if you already have one, consider an investment property. You might think you’re not in a position to buy, but get professional advice, you may be surprised.

Check in on your super and make sure it’s working for you. Head to the brilliant MoneySmart website to check your super is on target and track any lost super … again, you may be in for a nice surprise.

Finding ways to earn more money is one of the best tips for single mothers to survive financially. Whether you need to find a job in school hours or work from home, there are opportunities out there. Get out and find them.

WHAT BENEFITS ARE SINGLE MUMS ENTITLED TO?

If you are in a financial fix then government support is available. If you are entitled to it, use it. Depending on your personal situation, there are plenty of benefits that single mums are entitled to. For example:

Child support

Parenting payments

Rent assistance

Family tax benefit

Child care subsidy

Rent assistance

Pension or concession cards

Legal aid

Dental services

Don’t feel ashamed to reach out for support at times when you need it.

LOTS OF SINGLE MOTHERS SURVIVE FINANCIALLY AND LOVE LIFE

Being a single mother might take some getting used to and financial independence may seem daunting at first but it’s also exciting. Just think, you are totally in control. You can choose your financial goals and make them happen. And when they do, trust me, you will feel super proud. It’s time to live by your rules. You are going to do more than survive .. you will thrive, you will love life and you will never look back.

Lucy Good

Lucy, founder of Beanstalk, sits at the centre of the think-tank of modern-day single motherhood. Her mission is to help single mums navigate the maze of separation and divorce, and to confidently rebuild and embrace their new path in life.